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Oil prices fall on weak Asian industry data and rise in US crude stocks

Soaring US production has pressured oil prices at a time when Opec and Russia have reduced output to support prices. "Climbing US production continues to weigh on the market as traders fear that the Opec output cuts will be nullified by the rising US output," said William O'Loughlin, investment analyst at Australia's Rivkin Securities.


OIL prices fell on Wednesday as weak Chinese and Japanese industrial data triggered concerns of an economic slowdown that could lower oil demand, and as an industry data report showed an increase in US crude stockpiles amid soaring output.

US West Texas Intermediate crude was...

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